After sparkling year, investors advised to tone down 2022 hopes

With inflation rising and China tightening the screw, the best we can hope for is to come down to earth without a bump

Too much of a good thing can make anyone queasy - as many will be aware after a week of turkey leftovers. The same applies to the economy and markets, if analysts' predictions for the year ahead are anything to go by.

Sitting around doing nothing (or passive investment) is an admirable strategy in most years. In 2021 it was masterly. London's stock benchmark, the FTSE 100, ended December 14.3% higher than last January, and in the US buying shares has been even more rewarding: the S&P 500 went up more than a quarter in value.